Recession Buster Boot Camp: Week 5 Challenge
Start Saving
Now that you've gotten so comfortable with saving money, it's time to start socking some of it away.
Step 1: If you don't already have a savings account, your challenge this week is to get one! Call your bank and set up a basic savings account with as much as you can afford to part with—even if all you can afford is the minimum to open the account, just put something in there!
Step 2: Our expert, Kim Danger, recommends that families have six months of living expenses in an emergency savings account, so that should be your goal. For this step, figure out what that number is for your family. Then, figure out how much you can afford to put away monthly and how long it will take you to reach that goal. You can use this calculator to help you figure it all out.
Step 3: Finally, set up a regular allotment into your savings account. Figure out a way to save a little money each month and then send that amount directly to your savings account. For instance, you might choose to give up that weekly latte and put $12 a month into your savings account.
If you can, have your employer automatically send a portion of your paycheck to your savings account. If not, check with your bank to see how you can set up a regular allotment into your savings.
Bonus Challenges:
If you already have a savings account, set up an automatic allotment to your account.
If you already have an automatic allotment to your account, increase the amount, even if it's only by $5-10.
If you already have a savings account, set up an automatic allotment to your account.
If you already have an automatic allotment to your account, increase the amount, even if it's only by $5-10.
Congratulations! You made it! You're a Recession Buster Boot Camp Graduate! Head on over to the message boards and brag about your success. We'll totally help you celebrate!
Need more? Check out expert recession busting advice and money saving tips from our awesome users. Or submit your own tips!
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